About the Initiative
- The Startup India initiative of the Government of India envisages building a robust Start-up ecosystem in the country for nurturing innovation and providing opportunities to budding entrepreneurs.
- Since the launch of the initiative, Startup India has rolled out several programs with the objective of supporting entrepreneurs, and transforming India into a country of job creators instead of job seekers.
Why in News?
- Commerce and Industry Minister Piyush Goyal said that the Startup India initiative has witnessed remarkable growth from four fifty startups in 2016 to over one lakh currently, making India the world’s third-largest startup ecosystem.
What is a DPIIT-recognized startup?
- An entity shall be considered a “Startup” –
- If it’s incorporated as either Private Limited Company or Registered Partnership Firm or Limited Liability Partnership. A sole proprietorship or a public limited company is not eligible as startup.
- If it is up to 10 years from the date of its incorporation/registration.
- If its turnover for any of the financial years has not exceeded INR 100 crore
- If it is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.
- Should not have been formed by splitting up or reconstruction of a business already in existence.